Stocks Rise on Profit Optimism; Dollar Holds Gain: Markets Wrap
- Oil climbs after approaching lowest level in almost a month
- Rally in Nasdaq Composite Index falters just before close
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Equities rose, led by gains in financials and industrial companies, after Morgan Stanley earnings beat forecasts, helping to offset a slide in tech stalwarts such as Apple and Microsoft. The peso swung between gains and losses after President Donald Trump said he may prioritize a bilateral trade deal with Mexico.
With Morgan Stanley’s results Wednesday, the six largest U.S. banks have reported second-quarter earnings that mostly surpassed estimates, helping to push the S&P 500 Financials Index 2.7 percent higher since Friday. The dollar held onto gains as Federal Reserve Chairman Jerome Powell delivered an upbeat assessment of the U.S. economy during his second day of testimony to Congress.